Questrade

Questrade is a mediocre broker...!

First, I'm sorry for this scathing review, but there are several reasons why I dislike Questrade:

1. Hidden Fees, Hidden Charges, Restrictions, Etc - This is what gets me about this company. When I originally signed up everything was copacetic. Then they started charging me all these fees! Essentially, they were forcing me to trade stocks.

It bugged me how they changed our agreement, and what I signed up for, then they slammed me with all these hidden charges, fees, and restrictions. Yeah, I can't even transfer my money out. It's like pulling out a tooth here.

2. Confusing Platform - It's very difficult to use, and I'm not an old man here. I just find it hard to figure out what's going on with their website. It's totally messed up. Okay. Look. It's not the worst in the world, but it's bad enough that I feel most people would get confused.

3. Bad Customer Service - Just so slow. Irresponsive, and cancelling requests. They make you run back and forth... I can't tell you how hard it was to sign up. And don't get me started on cancelling. It's even worse.

Conclusion: DO NOT be misled by the cheap price. Questrade is not a competent stock trading company.

Trust Score

1.0

User’s Review Ratings

Overall

Do not be mislead by $4.95 a trade

Been with them since last March and so far had pretty bad experience. Called them weeks before purchasing some US stocks to find what are the charges/fees involved in it and was told it's $4.95, and that’s it. Sold the stocks early June and two weeks later found I am short for about $1,100. Went to their office and got a pretty vague answer as to what went wrong and the figures the reception desk staff gave, didn’t add up. Later when I called, found every time I bought or sold US stocks, they charged me 1.99% (flat currency conversion fee/spread) on the amount I was trading, and in my case for buying and selling 3 US stocks, they charged me approximately $1,050. Felt like I’ve been robbed. Then the representative said they charged me the 1.99% (flat currency conversion fee/spread) both ways (i.e. for buy and selling US stocks) because the account agreement I signed with them, I checked the box to trade in CDN dollar ONLY. So, I asked if this is the case, (1) why the system allowed me to trade in USD, (2) why there was no warning message as to what I cannot do (according to the account agreement) and (3) why no one from Questrade informed me about this issue? And the answer was, “I apologize for your inconvenience”. So, please don’t be lured by the $4.95 trade fee, they will nail you with hefty charges whenever they can and be careful of what their representatives tell you over phone, and get it in writing if you wanna do business with them.

Trust Score

1.0

User’s Review Ratings

Overall

No PDT rule

Not the best broker I think you should stay away from them. There commission is pretty cheap and you don't have to worry about the PDT rule.

Trust Score

5.0

User’s Review Ratings

Overall

Want to give negative for customer service. It SUCKS!!!

STAY AWAY FROM QUEST TRADE !!!!

You should seriously consider the reviews before buying a product or a service. Its not my job to defame companies. This my first review about any organization, If any customer wrights a review instead of doing anything else fun that means its really important.

Quest Trade customer service really bad. I have never seen such a poor response towards customers request.

I went in their office to open an account I requested the representative to let me know about any offers or promotions. She only informed me about the offer for which i was not eligible. For the one i clearly qualify she didn’t mention that.

After opening the account i got to learn about the offer which should have been given to me by quest trade i.e “1 month free unlimited trading” for new accounts.

So i reached out to the customer service and requested them to provide me that offer. The representative assured me that he will back date the offer as its not my fault. But after 2 days on following up on my request the same agent told me that my request was denied and i cannot get the offer.

I will only get 5 trades free i should take it or leave it.

It’s the worst attitude i have ever seen for any customer service. I would ask you guys to stay away form them. Its better to pay few cents extra than to get poor customer service.

Trust Score

1.0

User’s Review Ratings

Overall

Worst Brokerage Ever!

I didn't listen to people at first, thought the cheap trades would be beneficial....

Boy was I wrong!

These guys will try and squeeze as much money as they can from you, however they can.

I am not going to go into how Questrade screwed me out of money, I can guarantee they will screw money out of you someday. I just wanted my money out of there, I really didn't care how much they

stole from me. You will get into that stage with them!

This is a warning, don't say I did not tell you so!

There are much better brokers out there, its not all about trading commissions in the trading world.

Hint Hint IB....

Trust Score

1.0

User’s Review Ratings

Overall

Fool me once...shame on me, fool me twice... shame on you!

I have been with Questrade for about two months and I am moving my account as soon as I can. Not worth it - especially if you trade more frequently.

1) My TFSA transfer had been in the thin digital air for about 20 days... that's scary. My old TFSA (being transferred) said that my account had been closed on the 15th of feb yet my account showed nothing. This happened till about a week into March. It does not sit well in my stomach to have my money vanish and wait at the knee's of an incompetent Customer service rep.

2) I opened two accounts with questrade - my TFSA and Margin... at the same time. Sent in papers at the same time as well. Margin account opened with decent time... but TFSA took over a month and a half after sending in the papers (jan/12)

3) Customer service is HORRIBLE... Every time I call - this always happens..... I wait on hold for 20mins or longer... finally get a hold of someone and tell them my situation or question... then get placed on hold. EVERY TIME - I am placed on hold while they talk to their manager. No matter how simple the question. Then at the end of the conversation they just say they will open a "ticker." Which will never result in any solution (if its a problem and not a question)

4) Their borrows are not even worth looking. There is no way to check if there are any available or information on how much the borrows are.... You just press "sell"

5) Executions are SLOOOOOOWWWWW - especially on OTC

6) which is actually a pro for them... their software is actually pretty decent. I was actually surprised to notice they have hot keys available. BUT what do hot keys do when there is no follow through with the execution right?

Bottom line: Cheap but everything else sucks (except software). More of a buy and hold type broker.

Trust Score

1.0

User’s Review Ratings

Overall

Questrade - the Good and the Very Bad

I have been a client of Questrade for about 4 years. Some things I really like about Questrade while other things make me wonder if I should stick around.

The Good: I really like their web platform and presence on the Internet. Pretty much anything you might have a question about will be answered within their many pages of information. It seems evident to me that Questrade invests a good deal of money into their web front. The e-tools are smart, well designed and I rarely had issues with any trades I made. Surfing through their content, it’s easy to get a feel that you will be dealing with a professional and competent broker. Questrade has the look and feel of a young, energetic company that wants to succeed. Most important of all, Questrade is not one of the vampire big banks that shamelessly and openly bleed you of every nickel & dime you have. (Don’t get me started on big banks)!

The Very Bad: The contrast between their web/electronic presence and dealing with a “live” person is surreal. There have been many stories documented on the internet about bad customer service and I believe all of them! Service is horrible at Questrade.

I have been trying to set up another account with Questrade (a transfer from another broker). One would assume this to be simple given I am an existing customer; wrong! Same issues as 4 years ago when dealing with their service.



First there is the wait: “Questrade is experiencing unusual call volume at this time, please hold”… Really? It’s been 4 years with the same message.

Second, the first contact rarely provides satisfaction. In my case, my issue was so complex (I was asking how to open an RRSP account so I could proceed with a transfer) that I needed to be transferred to another customer service specialist – even though that was the option I selected when calling… more wait time!

Third, why have they not changed their recorded scripts? Their machine still says that if you open an account you may win an iPad 2 but registration must be completed by April 2011 -> we are now 2013!! (Go ahead, try their 800# as I’m sure you will be on hold long enough to hear this little gem since they continue to experience higher than usual call volumes).

Forth, since their website somehow kept freezing when I was trying to upload my digital application, I emailed all the required documentation, per their instructions, to their "newaccounts" email address. I explained that I was unable to upload via their website. Today I get a reply: “Unfortunately, I cannot upload this document for you. Kindly do it on our website by loggin in your account and on the left of the page there will be an option to upload documents”. Really? I just emailed you the whole package!

Knowing the service stories, I also took the initiative of mailing (traditional post) all the documents to their Bay street office in Toronto. It’s anyone’s guess what will happen next!

My “gut” feeling is that Questrade has terrible and inexperienced service managers, execs., and no quality controls for the entire service line. It seems like front-line staff avoid work and pass the buck.

Once your account is setup and you do not need to contact them, then the experience is better (certainly better than the bank’s brokerage services). But getting to that point is not easy and I still question my decision.

Trust Score

1.0

User’s Review Ratings

Overall

ok

I've been with questrade for several years, I dont really trade much through them anymore but use them for my buy and hold dividend portfolios. I did use them to day trade at one time but it wasn't good, slow executions, not really that cheap once they add on the ECN and other fees, poor borrows on shorts.

It takes about 20-30 minutes to get hold of a customer service rep, you have to make at least one trade per month if you have less than $5k with them otherwise they will charge you an inactivity fee.

Trust Score

4.9

User’s Review Ratings

Overall

Great customer service

I opened an account with Questrade about a month ago and have had no major issues, also anytime I needed assistance the staff was there to help. The main problem I have with Questrade is that the new IQweb software is not compatible with my macbook. Since I travel frequently and usually place trades from my laptop during the day this is an inconvenience because I have use the slow barely updating IQessential. All in all a great broker.

Trust Score

1.0

User’s Review Ratings

Overall

Beware – How Questrade stole money from an investor

Beware – Avoid Questrade.com – How Questrade online brokerage unscrupulously stole money from an investor even though the application has been canceled and the applicant has not performed a single trade.

** Mary J. Emp., you are their superior at Questrade and you have the power to make a change. What will you do about this situation? **

(Please feel free to repost and share)

Full version at http://avoidquestrade.wordpress.com

No one who has been made aware of this situation thinks that it’s acceptable, except of course for Questrade.com who still refuse to return money which doesn’t belong to them no matter who legally asks for it.

So many try to talk to Questrade in private or file official complaints with the regulators, hoping they will do the right thing, without any results. Going to Questrade’s offices with a TV crew might be what it takes to get the funds back.

My best advice to anyone having serious issues with Questrade is to file official complaints with the regulators and then contact a good lawyer and your local media, because the regulators will not help you.

What are the regulators doing about Questrade? Absolutely nothing. Current regulation doesn’t prevent their unprofessional, unethical, dishonest and unlawful behavior. Questrade function with near total impunity.

It’s easy to understand why Questrade is “not BBB Accredited” (The Better Business Bureau) and went from a failing “F grade from BBB”, which is the lowest rating an online business can get on a scale of A+ to F, to “No Rating”.

I have done a great deal of research and according to the multiple official complaints and blog posts, “Questrade is a dreadful company” would be an understatement.

Judging from the information that I’ve gathered, all those posts warning people to “STAY FAR AWAY from Questrade” in all kinds of colorful language seem 100% correct.

Can anyone trust a company who lies, deceives, cheats and steals your hard earned money?

Think about all that you risk loosing, if a bully decides to steal your money and refuses to give it back. What would you do, if you were in a similar situation?

Since Questrade will arbitrarily keep your money when you cancel your application, the following Questrade statement is completely false, a blatant lie and very misleading:

“NOTE: If you discard this application you will lose all information that has been entered. If you made an online bill payment or you paid by cheque, the amount will be refunded to you.”

Questrade will not refund your deposit. Questrade will do as they please with your money.

** Questrade, be wise and fully return the funds. Honor what you have put in writing. No one likes a bully, liar or a thief. No one is above the law. **

** Mary J. Emp., you are their superior at Questrade and you have the power to make a change. What will you do about this situation? **

No matter who you decide to do business with, do your due diligence and keep records.

What will the regulators do about Questrade? Only time will tell.

Please feel free to repost and share.

Full version at http://avoidquestrade.wordpress.com

Trust Score

1.0

User’s Review Ratings

Overall